Griffin Coal

Griffin Coal Mine is a large mine in the town of Collie in Southwestern Australia, producing about 5 mn tons of coal p.a. In January 2011, the firm defaulted on debts of A$475 mn, and sought outside buyers.[1] Two months later, it was acquired by the Indian firm Lanco Infratech for A$730 mn. The logic of the purchase has been questioned in the business media, as the company has faced difficulties and has been forced to defer pernsion and other payments to suppliers.[2]

References

  1. ↑ Sobia Khan (Mar 5, 2011). "Lanco acquires Griffin coal for A$730 mn". The Economic Times.
  2. ↑ Rajesh Kumar Singh & David Stringer (Jul 4, 2013). "Lanco Rebuffs Griffin Liquidation Concern With Vow to Keep Unit". Bloomberg News.“No winding-up order has been issued” against Griffin Coal Mining, A. Narasimhan, a spokesman for Lanco, said in an e-mail. “We are confident that there is no basis for winding up and that the matter with the Australian Taxation Office will be resolved as soon as possible.”